Choosing to study mathematics at university, it's safe to say that I'm a numbers guy. So for all the numbers people out there who enjoy graphs and spreadsheets as much as I do, I think you'll enjoy my October market update for Whistler and Squamish:
The market activity in Whistler has remained strong with the number of active listings increasing and the average days on the market sitting at 40+ days for all three property types: allowing buyers to have more options as well as more time to make informed decisions.
The latest statistics from the Real Estate Board of Greater Vancouver reveal that Squamish Benchmark prices for detached homes slid, but less than the regional trend, down just 2% on an annual basis. Yet Squamish also saw above-trend townhome price rises, up to 8.8% year over year.
Squamish's Average Prices
As a General Contractor, what really interests me is the 'average price per square foot'. This figure provides a clean, quantitative measure to compare houses of a similar type. By way of example, when comparing a 1980's 1200 sq/ft rancher to a 2500 sq/ ft rancher I'll always break down the average price per square soot and then compare it back to the market average. This is a vital calculation for ascertaining the true value of a property.
The three types of markets shown in the graphs below are measured by a sales-to-active-listings ratio which essentially is the rate at which properties are selling. Expressed as a percentage, you can calculate the ratio by taking the total number of sold homes in any month and dividing it by the total number of active listings at the end of the same month.
A buyer's market is a situation in which supply exceeds demand, giving purchasers an advantage over sellers in price negotiations. The opposite of a buyer's market is a seller's market, a situation in which demand exceeds supply and owners have an advantage over buyers in price negotiations.
The sales-to-active-listings ratio for:
- a seller's market, which means there are more buyers than properties available, is represented by a ratio of 20 % or higher
- a buyer's market, which means there are properties available than buyers, is represented by a ratio of 14 % or lower
- a balanced market, where supply and demand are pretty much the same, rests between 14-19 %.
For all property types in October 2018, the sales-to-active-listings ratio for Whistler was 28.9%, indicating that, on average, there are more buyers than properties available. September's ratio was 22.8 %, so we're seeing an increase in buyers actively purchasing Whistler properties, indicated by the graph which you'll see shows an upward trend for all property types.
For all Squamish property types, the sales-to-active-listings ratio for October 2018 was 13.7%, indicating that Squamish is a buyer's market (but on the brink of being a balanced market), meaning that there are more properties available than buyers. This is a slight incline from September's sales-to-listings ratio which averaged at a low 10.1%.
Through personal and professional experience buying an selling real estate in the Sea to Sky Corridor, I understand that providing clean, clear and accurate information empowers my clients to make the right decisions and move forward decisively. My solid understanding of the Sea to Sky Corridor real estate market, sharp negotiation skills and ability to connect with people create a strong advantage for my clients.
If you have any questions, or would just like to chat about the current market, please call or email me at any time.